Business
Gatwick second runway plan given go-ahead by Government
Gatwick Airport’s £2.2 billion second runway plan has been given the go-ahead by Transport Secretary Heidi Alexander.
In the privately-financed project, the West Sussex airport will move its emergency runway 12 metres north, enabling it to be used for departures of narrow-bodied planes such as Airbus A320s and Boeing 737s.
This will enable it to be used for about 100,000 more flights a year.
Ms Alexander backed the scheme as a “no-brainer” for economic growth, a Government source said, suggesting flights could take off from the new full runway before 2029.
The Cabinet minister is satisfied with adjustments made, covering issues such as noise mitigation and the proportion of passengers who would travel to and from the airport by public transport.
It comes after the Planning Inspectorate initially rejected the airport’s application and earlier this year recommended Ms Alexander should approve the project if the changes were made.
New commitments include Gatwick’s management setting its own targets for the proportion of passengers who travel to the airport by public transport, rather than a legally binding target.
Residents affected by more noise will be able to ask Gatwick to cover the costs for triple-glazed windows.
Homeowners living directly beneath the new flight routes who choose to sell could have their stamp duty and reasonable moving costs paid, as well as estate agent fees of up to 1% of the purchase price.
Gatwick says its plans will create £1 billion per year in economic benefits, and generate an additional 14,000 jobs.
A Government source told the PA news agency: “The Transport Secretary has cleared Gatwick expansion for take-off.
“With capacity constraints holding back business, trade and tourism, this is a no-brainer for growth.
“This Government has taken unprecedented steps to get this done, navigating a needlessly complex planning system, which our reforms will simplify in future.
“It is possible that planes could be taking off from a new full runway at Gatwick before the next general election.
“Any airport expansion must be delivered in line with our legally binding climate change commitments and meet strict environmental requirements.”
Local campaigners opposed to expansion are concerned about the impact on surface transport, noise, housing provision and wastewater treatment, but the airport insists it has conducted “full and thorough assessments” of those issues.
CAGNE, an umbrella aviation community and environment group for Sussex, Surrey and Kent, said it stands ready to serve a judicial review funded by residents and environmental bodies.
The group said: “We know this Government cares little for the environmental impact aviation is having on our planet and Gatwick’s neighbours, but not to demand that Gatwick pays for the infrastructure, the onsite wastewater treatment plant, and noise impact is unlawful in our book.”
The Labour Government’s backing of a third runway at Heathrow Airport in its bid to grow the economy has also drawn criticism from environmental groups and opposition politicians.
Green Party leader Zack Polanski described ministers’ support of a second Gatwick runway as a “disaster”.
He said in a statement: “It ignores basic climate science and risks undermining efforts to tackle the climate crisis.
“Labour keeps wheeling out the same nonsense about growth, but at what cost? What this really means is more pollution, more noise for local communities, and no real economic benefit.”
Stewart Wingate, Vinci Airports managing director for the UK and former Gatwick chief executive, said: “After a lengthy and rigorous planning process, we welcome the Government’s approval of plans to bring our Northern Runway into routine use, ahead of the expected deadline.
“This is another important gateway in the planning process for this £2.2bn investment, which is fully funded by our shareholders and will unlock significant growth, tourism and trade benefits for London Gatwick and the UK and create thousands of jobs.
“As we’ve said previously, it is essential that any planning conditions enable us to realise the full benefits of the project and do not impose unnecessary constraints that make it uneconomic to invest in.
“We now need to carefully examine the details of the planning consent. Once we have done that, we will be able to comment further.”
Business
‘India solidly through global shocks’: EAM Jaishankar calls for ‘hedge, de-risk, diversify’ strategy amid Iran war – The Times of India
External affairs minister S Jaishankar on Saturday said that India has “solidly come through” a the ongoing turbulent geopolitical situation amid the Middle East conflict and the Russia-Ukraine war, adding that the country has been “managing domestic and external challenges successfully.”Speaking at the 15th Annual Convocation Ceremony of IIM Raipur, he said countries today must focus on “hedging, de-risking and diversifying” as the global order changes rapidly.
He said the world is going through a “structural” shift, adding, “The global order is changing before our very eyes with visible shifts in the relative power and influence of countries. The politics of some societies find it difficult to come to terms with these changes.”Jaishankar also said, “New developments in technology, in energy, military capabilities, in connectivity and in resources have encouraged risk-taking in an increasingly competitive environment. Everything today is being leveraged, if not actually weaponised. The world is then confronted with the prospect of securing itself in an increasingly volatile and unpredictable environment. This has necessitated the need to hedge, de-risk and diversify.”He said India has reasons for optimism compared to many other countries. “There is an optimism in our society that is lacking in many other parts of the world,” he said, adding that India is now among the top five economies and has handled recent global shocks well.He further stated, “No one can dispute that the multiple global shocks that have recently tested our resilience, and that India has come through that solidly. We have managed both domestic and external challenges fairly successfully.”The minister said building national capabilities is key for India’s goal of Viksit Bharat 2047. He also praised “inclusive growth, representative politics, and decisive leadership.”He said, “Building national capabilities has become more critical in the light of the global trends that I have mentioned… We must endeavour to build and secure within our control as many capacities as we can.”On foreign policy, Jaishankar said India is focusing on expanding market access, securing resources and technology, and supporting Indians abroad, while promoting “Brand India.”“Our foreign policy is today focused on expanding market access for Indian producers. It is also focused on helping to secure resources, technologies and essential goods. It looks after Indians… And it promotes Brand India,” he said.These remarks come at a time when the Middle East tensions that began on February 28 with US-Israel strikes on Iran have stretched beyond the 1 month mark. The crisis has since intensified with Iran’s chokehold over the strategically crucial Strait of Hormuz, sending ripples to oil baskets across the globe.
At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
Prices of gold and silver remained stable in domestic and international markets on Saturday.
In the local market, the price of gold per tola held steady at Rs490,362, while 10 grams of gold remained at Rs420,406.
On the global market, gold prices per ounce were stable at $4,676.
Silver prices also remained firm, with one tola trading at Rs7,794 and 10 grams at Rs6,682. Globally, the price of silver per ounce held steady at $73.10.
Read: SBP injects Rs13.68tr into market
Yesterday, gold prices in Pakistan rose, tracking an upward trend in the international market. In the domestic market, the price of gold per tola climbed by Rs3,400 to settle at Rs490,362.
Likewise, the price of 10 grams of gold increased by Rs2,915, reaching Rs420,406, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
A day earlier, on Thursday, gold prices had declined, with the per tola rate falling by Rs7,100 to Rs486,962.
In the global market, gold prices gained $34, reaching $4,676 per ounce, including a $20 premium.
Moreover, silver prices also moved higher, rising by Rs160 to Rs7,794 per tola.
Meanwhile, on Friday, the Pakistani rupee posted a slight gain against the US dollar in the interbank market.
By the close of trading, the local currency stood at 279.10, appreciating by Rs0.01 against the greenback. On Thursday, it had settled at 279.11.
In global markets, China’s yuan strengthened against the US dollar as the latter steadied, with investor attention shifting to the release of US payroll data later in the day.
The dollar had surged a day earlier on safe-haven demand after US President Donald Trump signalled that the Iran conflict could persist.
The spot yuan opened at 6.8930 per dollar on Friday and was last trading 37 pips higher than its previous close.
Business
Pakistan Petrol Crisis: Petrol shock, free rides & more: How is Pakistan dealing with Hormuz energy crisis – The Times of India
The Middle East crisis has stretched beyond the one month mark, sending ripples across the globe. While somes nations are hiking fuel prices, others are introducing other measures to cushion consumers from the impact while balancing energy reserves. Pakistan is no stranger to the ongoing energy volitality as the country imports almost 85% of its supplies through the Strait of Hormuz. Pakistan government has already raised petrol prices multiple times since the conflict began, with the last raise being on Friday. The sharp rise in fuel prices pushed the government to roll out emergency relief measures, including free public transport in key regions, as public anger spilled onto the streets. Authorities announced on Friday that commuters in Islamabad and Punjab will not have to pay fares on state-run transport for the next 30 days.
Balancing Hormuz crisis and consumer interest
The decision follows widespread unrest after petrol prices were raised overnight by 42.7% to 485 rupees per litre, triggering protests and long queues at fuel stations. However, after public outrage, Pakistan’s PM Shehbaz Sharif later revised the hike, bringing petrol down to 378 rupees per litre. “This decrease will be applicable for at least one month,” he said during a televised address, adding, “I promise I will not rest until your life is back to normal.”Coming to diesel prices, the government had increased HSD price by PKR 184.49 per litre, from PKR 335.86 to PKR 520.35, but abolished the levy, providing some relief to citizens.Detailing the relief measures, interior minister Mohsin Naqvi said, “All public transport in Islamabad will be made free of cost for the general public for the next 30 days, starting tomorrow (Saturday),” noting that the government would shoulder a cost of 350 million rupees.Punjab has mirrored the move, removing fares on public transport and introducing “targeted subsidies” for trucks and buses. CM Maryam Nawaz Sharif also appealed to transport operators not to shift the burden onto passengers, saying, “We promise to relieve the public of economic burden as soon as conditions improve.”In Karachi, similar steps have been taken by the Sindh government, which announced subsidies aimed at motorcyclists and small farmers.
Middle East tensions strain Pakistan
The developments come against the backdrop of rising global energy disruptions linked to the US-Israel war on Iran, which began on February 28. The conflict has led to retaliatory strikes across the Gulf and disrupted movement through the Strait of Hormuz, a vital route for energy supplies, particularly to Asia.To manage the strain, Pakistan has introduced a series of fuel-saving steps, including a four-day workweek for many government offices, extended school holidays and a shift to online classes in some cases.The economic pressure is being felt acutely in a country where about 25% of the population of 240 million lives in poverty, according to World Bank figures. Earlier in March, fuel prices had already been increased by 20 percent, with authorities initially resisting further hikes.Protests broke out on Friday in Lahore, where demonstrators called for the government to withdraw the increase. “The government, overnight, has dropped a ‘petrol bomb’ on its people,” said Naveed Ahmed, a 39-year-old protestor. “Our nation cannot bear this situation right now. This storm of inflation must be stopped, and relief should be provided to the public.”Hafiz Abdul Rauf, another protester, questioned the reasoning behind the hike, saying, “The rise we are seeing is not due to the (Iran) war, but to pressure from the IMF, pressure that must be resisted. For God’s sake, step back from these demands and show some compassion for the people.”The pressure is not limited to Pakistan. Bangladesh has also raised prices of liquefied petroleum gas and compressed natural gas by 29%. Meanwhile, the International Monetary Fund warned earlier this week that vulnerable economies face not only rising energy costs but also disruptions in supply chains. On March 28, it said it had reached an initial agreement with Pakistan on a $1.2-billion support package.
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‘India solidly through global shocks’: EAM Jaishankar calls for ‘hedge, de-risk, diversify’ strategy amid Iran war – The Times of India
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